Bull maniacs get the R2K signal

It was another week in favour of the bull maniacs, with the second consecutive net weekly gain for the sp'500 of 18pts (0.9%) @ 2088. Far more important though, the R2K, having been stuck in a range across 2014, has achieved a key break >1213. There is nothing to stop this market now.


sp'weekly7

R2K, monthly

Summary

*the second consecutive weekly green candle on the sp'500 'rainbow' chart... there is simply nothing bearish here. It is notable that the upper bol will be offering the 2115/20 zone by end year.
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Since the big turn in mid October, the market has achieved net weekly gains for 9 of the past 11 weeks. There is no sign of this latest up wave ending.. and indeed.. the 2130/50 zone looks a relatively easy target by mid/late January.

Have a good weekend... and goodnight from London

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*the weekend post will be on the US weekly indexes